Par value also known as nominal value or face value refers to the stated or printed value of an asset or security. It can be different from issue price if the security is issued at a discount or premium.
For example company XYZ ltd issues 1,00,000 shares of face value INR 10 each at a discount of 20% to raise fund of INR 8,00,000. In this case, par value is INR 10 however shares are issued at INR 8 (discounted value).
XYZ ltd further issues 1,00,000 shares of face value INR 10 each at a premium of 15% to raise capital of INR 11,50,000. In this case, par value is INR 10 however shares are issued at INR 11.5 with 15% premium.
It may also be different from the market value of an asset or security as market value keeps fluctuating.
If market value of share for XYZ ltd increased by 12%, then the market value of each share will be INR 11.2 however par value will remain same i.e. INR 10.